Mineral sands miner Iluka will axe 200 jobs as it seeks to rein in costs after reporting a 33 per cent slide in full-year profit.
Iluka's net profit fell to $363.2 million in 2012 from $541.8 million the previous year.
Revenues dropped to $1.2 billion from $1.6 billion.
Iluka slashed its fully-franked final dividend to 10 cents a share from 55 cents.
Managing director David Robb outlined a series of fresh measures to curtail production and cut costs in 2013, including the loss of 200 jobs.
"As part of the measures outlined, approximately 200 positions within Australian operations will be made redundant, with additional actions in train to reduce costs in corporate, support and contracting areas," he said in a statement.
"The actions to curtail production are being implemented as a consequence of the weak market conditions which prevailed in 2012 and resulted in Iluka production volumes exceeding sales for the year.
"While measures were taken to curtail production in 2012, prudent planning for a gradual recovery in demand through 2013 means that further actions to reduce production and lower costs are necessary."
Iluka announced in January plans to cut production and cut jobs after tough trading conditions led to a loss of nearly one-third in revenue during 2012.
At the time, it said its Eneabba operations north of Perth would be idled from April, costing 65 jobs.
Other operations in WA, South Australia, Victoria and in the US were also to be idled or operated on reduced rosters.
Mr Robb said the further measures being taken included halving the combined production of zircon, rutile and synthetic rutile.
Total cash production costs would be cut to about $375 million from $583 million through idling operations, reducing employment levels and other actions.
About $50 million would be set aside for restructure and redundancy costs.
Capital expenditure will also fall in 2013 to about $100 million from $167 million.
Mr Robb said there has been some positive, early indications for improved demand in 2013 for Iluka's main products, suggesting a turning point in the current mineral sands business cycle may be near.
Iluka's shares were up 26 cents, or 2.51 per cent, to $10.61 at 8.10am.